Key Takeaways:
Uniswap’s UNI token fell 3.9% to lead the CoinDesk 20 index lower on Thursday, as a broad-based selloff saw all 20 assets in the benchmark trade in the red. Ethereum (ETH) also posted a significant decline, dropping 2.9% as of 16:00 UTC.
"The decline in UNI and ETH points to a broader risk-off sentiment in the DeFi space," said Jason Wu, an on-chain analyst. "We're seeing a rotation out of some of the larger-cap altcoins, which is consistent with the overall market weakness."
The CoinDesk 20 index, a broad-based measure of the digital asset market, was trading at 2,117.36, down 1.9% on the day. The decline was led by Uniswap (UNI) and Ethereum (ETH), with other notable laggards including Solana (SOL) and Cardano (ADA). The best-performing assets in the index were XLM, down only 0.6%, and CRO, which fell 0.9%.
The broader crypto market has been in a state of flux, with Bitcoin's recent surge past $79,000 providing a brief moment of bullishness. However, the subsequent pullback has left investors on edge. CryptoQuant's Bitcoin Bull Score Index recently moved to a neutral 50 for the first time since BTC's peak, signaling a potential shift in the market regime. However, analysts remain cautious, with a similar reading in March 2022 proving to be a false dawn before a sharp price collapse.
This article is for informational purposes only and does not constitute investment advice.
